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How to Buy USDT in Argentina

by Pat

Content Manager

Argentina ranked 15th in the 2023 Chainalaysis Global Crypto Adoption Index based on transaction volume. This is not surprising, considering that Argentina is a significant market for crypto payments and crypto remittances.

In addition, the country has a remarkable level of stablecoin usage. Some data collected from 2021 to 2022 reveal a significant portion of transactions involving USD-pegged stablecoins like Tether (USDT), which provide Argentinians refuge against elevated local inflation.

Eager to know how to buy USDT in Argentina? Here’s a comprehensive guide for you.

Why Is Crypto Adoption High in Argentina?

There are several reasons why crypto adoption is high and continuously rising in Argentina. The main ones are as follows.

a.   High Inflation Rates

According to a survey conducted by the Americas Market Intelligence (AMI), over 50% of Argentinians purchase crypto as a means to safeguard against inflation, akin to assets like gold. The country struggled with double-digit inflation in recent years, with the annual inflation rate for the Argentine peso escalating from 10.46% in 2010 to a staggering 42.02% in 2020. This further skyrocketed to 94.8% in 2022.

b.  New Tax & Exchange Rate Regulations for U.S. Dollar

Argentinians relied on the U.S. dollar (USD) as a hedge against the peso's instability for many years. However, Argentina has implemented new taxes and exchange rate regulations for peso-to-USD transactions to address the overreliance on the USD. With these regulations, Argentinians can only purchase a limited amount of USD from banks. On top of that, a 35% withholding tax on USD transactions was introduced in 2022.

The increasing complexities of getting USD have led many Argentinians to explore digital currencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins. Handling cryptocurrencies is often more accessible, cost-effective, and quicker compared to transferring between fiat currencies. Additionally, crypto offers a safer alternative to buying USD on the black market.

c.   Protection of Against Frozen Bank Accounts

A survey by AMI indicates that 46% of Argentinians buy crypto to evade government controls. Some Argentinians worry about the potential freezing of their bank accounts. Memories of the 2001 economic crisis, known as the "Corralito," during which the Argentine government severely restricted access to bank accounts, are still at the back of people’s minds.

d.  Benefits of Crypto Remittances

Researchers from Chainalysis have observed an increasing number of Latin American migrant workers turning to BTC for remittances—perhaps due to their speed and accessibility—particularly in countries with more lenient crypto regulations, including Argentina.

Where Can I Buy USDT in Argentina?

Crypto platforms, such as centralized exchanges (CEXs), crypto payment apps, and crypto wallets, remain the most prevalent channels for buying crypto in Argentina. You can also opt for peer-to-peer (P2P) exchanges, where you can connect and directly buy crypto from fellow crypto users online. It’s also good to know that some BTC automated teller machines (ATMs) also offer stablecoins.

If you’re looking for a beginner-friendly crypto platform, sign up on the Ka. Web App. This platform allows you to buy USDT using your credit/debit card or through a bank transfer in just a few taps.

How to Buy USDT in Argentina

Crypto acquisition methods may vary from one platform to another. Here’s how you can do it on the Ka. Web App.

how to buy usdt in Argentina using Ka.app
  1. Create a Ka.app account.
  2. Log in.
  3. Got to the home screen, click the “Buy” icon.
  4. Select USDT.
  5. Click “Proceed.”
  6. Select the payment method you prefer: credit/debit card, bank transfer via Revolut, or manual bank transfer.
  7. Enter the required information (i.e., your card or bank details).
  8. Enter your PIN code to confirm the transaction.
  9. View your transaction summary and wait for the USDT to reflect in your wallet.

The Bottom Line

About 5 million people in Argentina use crypto for various reasons. These include the need for a store of value amid high inflation, more convenient remittances, and a burgeoning interest in decentralized finance (DeFi) activities, among others.

If you’re new to this, don’t worry. There’s no need to feel intimidated. Buying, spending, and sending crypto are quick and easy with Ka.app. This platform has intuitive screens, making it easy to use and understand for beginners.

SIGN UP ON KA.APP

FAQ

Is it legal to buy cryptocurrency in Argentina?

As of writing, Argentina does not have specific laws that prohibit the possession or use of cryptocurrencies. Therefore, although the country doesn’t accept BTC as a legal tender, Argentinians can legally use crypto for payments and other uses.

It’s good to know though that in 2022, the Argentinian government made a significant announcement regarding the establishment of a "national blockchain committee" with the aim to proactively examine crypto regulation within the country.

What are the most popular cryptocurrencies in Argentina?

BTC, ETH, and stablecoins like USDT and USD Coin (USDC) are among the most popular cryptocurrencies in Argentina.

What are the tax implications of buying and selling crypto in Argentina?

Crypto tax regulations are evolving in the country. It's advisable to consult with a tax professional to understand your tax obligations when buying and selling crypto.

Are there limits on how much crypto I can purchase in Argentina?

Generally, there are no strict limits on how much crypto you can buy in Argentina. However, some crypto platforms may have their own limits based on their policies and your verification or Know Your Customer (KYC) Level.

Can I use crypto for everyday purchases in Argentina?

Yes, an increasing number of businesses and local governments in Argentina are accepting crypto as a valid payment method. Crypto debit and credit cards are also increasingly accepted for daily transactions.

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